Walmart buys 77 percent stake in Flipkart: Here are Top 10 takeaways
Global retail giant Walmart on May 9, 2018 formally signed a definitive agreement to acquire 77 percent stake in Flipkart with an investment of around USD 16 billion.
The deal will value Flipkart at around USD 20.8 billion, up from its previous valuation of USD 12 billion. Walmart will pay around USD 16 billion for an initial stake of approximately 77 percent in Flipkart.
The remaining business will be held by Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp.
Death or injury while boarding or de-boarding train entitles passenger to compensation: SC
The Supreme Court of India on May 9, 2018 held that railways will be liable to pay compensation to passengers in case of death or injury while boarding and de-boarding trains.
The court stated that death or injury while boarding or de-boarding a train is an untoward incident which entitles a passenger to compensation and will not be considered his negligence. The ruling was given by a two-judge bench comprising Justices Adarsh Kumar Goel and Rohinton F Nariman.
Government orders extension of assistance to clear dues of sugarcane farmers
The Union Government on May 9, 2018 issued orders for extending assistance to clear the dues of sugarcane farmers.
An official statement by the Ministry of Consumer Affairs, Food and Public Distribution Ministry read that the government has decided to provide financial assistance of Rs 5.50 per quintal of cane crushed in sugar season 2017-18 to sugar mills to offset the cost of the cane.
Due to higher sugar production against the estimated consumption during the current sugar season 2017-18, the domestic sugar prices had remained depressed since the commencement of the season.
Union Government approves green licence plates for private electric vehicles
The Union Government on May 10, 2018 approved green licence plates bearing numbers in white fonts for private electric-vehicles and yellow font for taxis.
The objective behind distinctive number plates for e-vehicles is their easy identification for preferential treatment in parking, free entry in congested zones besides other proposed benefits like concessional toll. The electric vehicles will bring down vehicular pollution.
India, Panama sign agreement on visa exemption for diplomatic passport holders
India and Panama on May 9, 2018 signed an agreement on the exemption of visas for the holders of diplomatic and official passports. The two nations also signed an agreement on strengthening cooperation in the field of agriculture.
The agreements were signed in the presence of Panama’s President Juan Carlos Varela Rodrigues and Vice President and Foreign Minister Isabel de Saint Malo and Indian Vice President M Venkaiah Naidu during his visit to the nation. India’s Vice President and Panama’s President said that India and Panama have always shared cordial relations.